Originally Posted by
steve from virginia
Poor Detroit, the city cannot catch a break.
Almost the same DAY that Kwame gets the hammer the Michigan governor's office leaks the name of the city's Emergency Manager ... the officially approved version ... 'Kwame 2.0'.
... did I hear right? Mario Monti?
Instead of a few thousand in cash in envelopes the amount in play is $14 billion ... plus fees of course. It's expensive to be a banker, particularly living in the New York City metro area. One must keep up with the Joneses. Mega-yachts, Long Island mansions and private 737s are ... pricey!
Instead of creepy real estate developers and hoodlum-connected contractors, the counterparties to the Kwame 2.0 deal will be our old friends J. P. Morgan-Chase, Citigroup and Goldman-Sachs. The deal won't be cut in a barber chair, it will take place in some lawyers' offices on K Street in downtown Washington, DC ... and in the Treasury building.
Take away Kwame and substitute Obama, who has to sign off on the project. The funds will flow from the Treasury [[which will borrow them from the same banks listed above), BACK to the bankers by way of some sort of 'resolution agency' [[Chrysler Corp.? Why not?), with the old Detroit bonds taken by the Treasury then sold [[by way of Goldman-Sachs, Citi and J. P. Morgan-Chase) to vulture capitalists @ 3 cents on the dollar. These knee-breakers will do the heavy wringing of Detroiters first, then they'll turn their attention toward the citizens of Michigan, second.
After all, the $14 billion is a debt, a sacred obligation, these must be repaid or else, how can any more loans possibly be forthcoming? Without new loans, there is no progress, no development, no future, no sales in new stores!
Kwame will get five years, the bankers' clients [[lenders) will get a $14+ billion bailout. None of the bankers will go to jail even though they have done exactly the same thing as Kilpatrick. All of them should be fed into woodchippers instead ... feet first.
Is America a great country or what?